Nigeria’s gross domestic product (GDP) rose by 3.84% in Q4 2024, surpassing the 3.46% recorded in Q3.
The National Bureau of Statistics (NBS) attributed this growth to the services sector, which expanded by 5.37%.
The services sector contributed 57.38% to the aggregate GDP, highlighting its dominance in the economy.
Agriculture grew by 1.76%, while the industry sector recorded a 2.00% growth, declining from 3.86% in 2023.
The annual GDP growth for 2024 stood at 3.40%, higher than the 2.74% achieved in 2023, NBS reported.
Nominal GDP reached ₦78.37 trillion in Q4 2024, representing an 18.91% year-on-year nominal growth.
The oil sector’s average production dropped to 1.54 million barrels per day, reflecting a slight year-on-year decline.
Oil sector growth fell to 1.48% in Q4, contributing just 4.60% to the total real GDP, down from 4.70% in 2023.
Conversely, the non-oil sector grew by 3.96%, contributing 95.40% to the GDP, mainly driven by financial services.
The non-oil sector’s performance surpassed its Q3 2024 rate of 3.37% and 3.07% in the same period of 2023.
NBS noted that agriculture, manufacturing, and trade also significantly boosted GDP growth during the reviewed period.
The report highlighted that inflation dropped to 24.48% in January 2025 from 34.8% in December 2024.
